https://www.nzherald.co.nz/business/...ectid=12308036
Agree that the low price is divorced from the reality of where the business is currently and how earnings are likely to play out over the next few years.
I did a reverse DCF earlier to get a sense of what would have to happen...from where they are currently...in order for a market cap of $265.6M to be a fair value.
It can be shown that underying Owner Earnings would need to drop by 35% per annum every year from 2020 - 2030 for the current market cap to make any sense.
Is that likely to happen? No, not at all.